Dear Friends,
As expected ever since the ETH ETF launch, it attracts heavy inflows into the crypto markets.
The regular flow of inflow through the ETH ETF schemes is much attractive for the crypto markets.
The iShares Bitcoin Trust (IBIT) launched by the BlackRock AMC, recorded an additional $107 million in inflows on July 18, marking the ninth consecutive day of inflows, according to Thomas Fahrer, the Co-founder of crypto data platform Apollo. The seven of those nine days have witnessed the heavy inflows exceeding $100 million, an achievement which is rarely seen in the ETF industry so far.
On the other hand, Grayscale’s Ethereum ETF (ETHE) experienced another day of significant net outflows totaling approximately $346 million on July 25.
Per Farside data, the latest outflow brings the fund’s losses to $1.1 billion over the past three trading days following its recent conversion.
Since its conversion, Grayscale’s Ethereum ETF’s (ETHE) assets under management have decreased sharply from over $9 billion to $7.4 billion. This significant drop coincides with the introduction of US spot Ethereum ETFs.
One of the reason that we came to understand the fee of the Grayscale ETHE which is 2.50%, much higher compared to other AMCs in the same segment. So the investors are taking out their money and investing in other AMC Houses which have much lower fee.
Amid these crunchy market movements, rumors were there on twitter about a potential sale involving an Ethereum Foundation-related wallet transferring 92,000 ETH, valued at about $289 million. This led to speculation about a possible price drop for Ethereum. Let's wait for the 2nd week in the days ahead. At the time of drafting this article, Ethereum (ETH), is trading at $3,248, a marginal flat with +0.18% from yesterday while BTC is trading at $67925, a up of 1.32% from yesterday. The global crypto market cap stands at $2.41 Trillion, a marginal up of 0.92% increase from yesterday.
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